COVID to Erode Medicare Benefits
Between congressional and federal reserve actions we have spent more dollars fighting COVID-19 than it would have taken to balance the Medicare Part A Trust Fund for the remainder of this century.
The April 2020 Trustee report indicated that in the year 2026, Medicare Part A will no longer be self-sustaining. At that point taxes will have to be raised or benefits cut.
Congress has already authorized $5.9 trillion to fight COVID-19. Federal Reserve actions have incurred trillions more. According to The Trustees' report, balancing the Medicare Part A Fund through 2095 would have required a lump sum infusion of $4.9 trillion (page 68).
In the mid-2000's interest rates reached 5% before the 2008/2009 crisis. If the US paid that rate on its current debt, then interest payments alone would equal the current annual total of Medicare and Medicaid spending.
All this with no public disclosure or discussion of the implications our current actions have for our Nation's ability to care for future generations of its elderly. It really boggles.